Sun. Aug 7th, 2022

Check out the Coinlib technical analysis  February 20, 2020  on the most popular coins,  Bitcoin (BTC) , Ethereum (ETH) and ripple (XRP).

The Coinlib price analysis is based on the chart below for each asset and the time of the analysis. The daily analysis is prepared by the Coinlib team. Barry Norman is the lead analyst along with Daniel Reggio and Yuri Alexeev. The team uses support and resistance levels, trendlines, 20 period EMA and MACD to make their determinations.

Bitcoin (BTC) ( US dollar )

 

The Coinlib outlook and analysis is based on the chart below.

 

At this writing (0500 GMT) Bitcoin (BTC/USD) is trading at 9576.30 after taking a nose dive as the Asian session opened.  Bitcoin was trading at 10168 when it plunged to a low of 9290.00 to recover to 9664.64 a few minutes later. The sell off continued across the major coins. The market has been trading sideways ever since as traders are trying to decide what happened. At present support can be found at 9563.10 and resistance at 9800. On Wednesday the cryptocurrency market rallied quite aggressively as Gold (XAU/USD) shot past 1,600. Until the reversal occurred with no warning signs

MACD is reading overbought.

Bitcoin-U.S. dollar pair surged to 65% on Wednesday, the highest level since early November. BTC is still up more than 30% to start 2020, which some traders attribute to a concerns about the coronavirus outbreak

 Ethereum (ETH) ( US dollar )

 

The Coinlib outlook and analysis is based on the chart below.

At this writing (0500 GMT) Ethereum (ETH/USD) is trading at 260.88 taking clues from the overall market. Ethereum plummeted almost at the same moment as bitcoin falling from 275.67 to a low of 250.50 and was supported by support at 257. Price seems to be slowly easing up and should trade today between 257.91 and 268.50.

MACD is giving a buy signal but it seems to be a false signal.  Price is well below the 20-period moving average on the 1-hour chart.

Traders across the board are trying to determine if the sell off was just profit taking after the incredible gains over the past week or a shift to more risk on trading.

Ripple (XRP) ( US dollar )

 

The Coinlib outlook and analysis is based on the chart below.

At this writing (0500 GMT) Ripple (XRP/USD) is trading at 0.27619 also falling hard as the morning session opened. Ripple followed it cousins, Bitcoin and Ethereum all tumbling simultaneously. Ripple hit a high of 0.30946 just 3 hours before the dive. Price is obviously well below the 20-period moving average and MACD is offering no help. MACD is stuck in the negative region after the recent recovery failed to break above the mean line. Moves by the buyers to take control of the trend have been stopped with Ripple barely printing above 0.30.